Various kinds of cryptocurrencies are available for trading options, meme coins are a part of that. Meme Coins are digital currencies that get their inspiration from the Internet and social media jokes and memes. Dogecoin was the first meme currency produced (DOGE). A Japanese Shiba Inu dog meme known as Doge served as inspiration for the 2013 joke DOGE.
Why you should invest in Meme Coins?
The best feature about meme coins is that their price is really low and they have unlimited supply like Doge has no limit, whereas, for Shibu, the total supply is 1 quadrillion. At the moment there are more than 100 billion tokens circulating in the market.
Meme coins can go trending easily if you can just predict the internet trends easily you can make a good profit out of it. If that particular meme coin got popular the price will hit the roof in a day only. And as you bought it low price the profit will be good when that time comes.
Why meme coins are so popular?
There’s no solid explanation for the rise in popularity of the meme coins. Still, it is believed that during the pandemic when inflation was high some retail investors decided to hedge against inflation. The main reason is that it is fun and the hype made it even bigger. A Reddit user made a joke about the idea of inflating the price of DOGE to turn it into the cryptocurrency version of GME in January 2021.
Elon Musk, the CEO of Tesla, also impacted the trend, which caused the DOGE price to increase. It feels different to own millions of a particular meme coin than a little amount of ETH or BTC. With just a few bucks, traders can purchase thousands or even millions of DOGE, SHIB, or Kishu Inu, Babydoge tokens.
Meme coins are designed to be humorous and occasionally regarded as an “inside joke” for a community. They are inspired by well-known Internet memes. In a manner, purchasing meme coins is a means to assist the associated community.
What are the possible risks of investing in meme coins?
- No backup support: –
Most cryptocurrencies are backed up by their own blockchain or are dependent on someone else’s blockchain but this is not the case with most meme coins. Neither does there is any white paper or any use case information for the meme coins, these are just a collection of jokes by different communities. Only a limited size number of meme coins are not even built on advanced technologies so investing fully in them seems like a scary step. - Highly Volatile: –
Meme coins are highly volatile as these are based on jokes, internment memes, as well as on trends that can just vanish one day. The meme coin value is incredibly unstable as it’s dependent on user mood and random outside factors, such as celebrity tweets. Any time a new meme coin will be launched people will easily move from the old ones to the new ones.
Let’s take an example, a meme coin was created from the Netflix popular show “squid game” and saw a growth of over 86,000% in a single week span but the price just plummet by 99% when the coin team rug-pulled. The loss wasn’t the only concern; the people who owned that meme coin were not even allowed to sell further.
Popular meme coins
DogeCoin (Doge)
Software developers Jackson Palmer and Billy Markus developed Dogecoin (DOGE) in 2013. It was created as a joke cryptocurrency to garner attention and the motivation behind this was the Shiba Inu dog meme. It has an unlimited supply and works on the mechanism of Proof Of Work (POW).
Shiba Inu (SHIB)
A type of Japanese dog is the reference for creating SHIB. In August 2020, Ryoshi, an unnamed developer, produced it.
Dogelon Mars (ELON)
Elon Musk, the CEO of Tesla, and his love for SpaceX are the inspirations behind the name ELON. Dogelon was launched on 23 April 2021.
Baby Dogecoin
Baby Doge is a deflationary token that will eventually become more scarce with time. It was launched on 1 June 2021.
Floki Inu
This is also inspired by Elon Musk, on 25 June 2021 he made a tweet that “My SHIBA Inu will be called Floki” and some unknown SHIBA fans developed that. This is based on both Ethereum Blockchain and Binance Smart Chain (BSC). YooShi
This is based on Binance Smart Chain (BSC). The CEO of Samsung games Chickyu Bae is the owner of YooShi now.
Kishu Inu
Kishu Inu was launched in April 2021 and is of the canine theme.
SafeMoon
This was launched in March 2021 on the Binance Smart Chain (BSC) and is a BEP-20 Token.
How to buy Meme Coins on Suncrypto?
The process of buying a Meme Coins on Suncrypto is a very simple process. Just follow the following steps and you will be done in a short span of time.
- Install the Suncrypto app from Play Store or App store
- Complete the KYC with all the required information
- Make a deposit on the account to buy crypto
- Look for the desired meme coin on the application
- Once you are done selecting what you need to invest in just select the buy option and complete the transaction
- Now you have your meme coin
Before buying or investing you need to do your own research (DYOR) about the cryptocurrencies. Hence, what their use case is, what affects them, how the market is, and much more. So be careful before investing and buying meme coins,s not the mention that it is highly to invest safely with Suncrypto Exchange.
For more relevant information related to cryptocurrency, visit Suncrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
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